Tax, accounting, auditing news - Journal of Accountancy

October 26, 2015

Tips for successful revenue recognition implementation

The effective date of the revenue recognition standard is fast approaching. Here are some of the SEC chief accountant’s tips for implementing the new standard.

October 22, 2015

SEC filed more than 800 enforcement actions in fiscal 2015

The SEC filed 807 enforcement actions and obtained orders totaling about $4.2 billion in disgorgement and penalties in fiscal 2015.

October 22, 2015

Tax regulations to be amended to reflect Obergefell and Windsor decisions

The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.

October 22, 2015

IRS issues 2016 pension contribution limits

Because of low inflation this year, many limits remain unchanged, but some are increasing.

October 22, 2015

Dispelling 4 myths that shroud diversity and inclusion

Four stubborn myths have clouded some of the discussion of diversity and inclusion in accounting, Rich Caturano said in a speech to the AICPA governing Council.

October 21, 2015

IRS issues 2016 inflation adjustments and tax tables

The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.

October 20, 2015

Changing market needs lead to new assurance opportunities for auditors

Two AICPA groups have undertaken numerous initiatives to allow CPAs to perform these services and protect the public interest.

October 20, 2015

AICPA taking multipronged approach to lead candidates into the CPA pipeline

The AICPA’s multipronged approach to leading top candidates on the path to CPA includes a new high school accounting game, campus initiatives, mobile-friendly websites, and numerous other efforts.

October 20, 2015

Internal auditors receive modest raises

A majority of organizations in the United States and Canada gave internal auditors raises of 2% to 4% in the past year, according to a new survey report.

October 20, 2015

IRS announces progress in collaborative fight against tax return identity theft

Six months after announcing it was partnering with state tax authorities, tax preparation companies, and other interested parties, the IRS said it is making progress in the collaborative effort to fight identity theft.

October 20, 2015

Stop putting out fires, at least for an hour

Futurist and business adviser Daniel Burrus worries that unrelenting busyness is squeezing out much-needed time for examining trends and opportunities.

October 19, 2015

CPA exam evolving to reflect shift in skills requirements

Changes in the nature of the work performed by newly licensed CPAs have led to proposed changes to the content of the Uniform CPA Examination.

October 15, 2015

2016 Social Security wage base is released

The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance).

October 15, 2015

PCAOB urges focus on Risk Assessment Standards

The PCAOB is urging audit firms to review their systems and procedures to promote compliance with the board’s Risk Assessment Standards.

October 14, 2015

GASB proposes pension standards relief for certain governments

Some governments with multiple-employer defined benefit pension plans have found it difficult to comply with GASB’s new pension accounting standards.

October 12, 2015

Key areas of risk in the 2015 audit cycle

These areas of significant judgment and complexity merit proactive and accelerated attention from audit firms, according to a new Center for Audit Quality alert.

October 8, 2015

Audit fees rose in 2014 for SEC filers, private companies

Audit fees rose in 2014 compared with the previous year for SEC filers and private companies, according to a new report.

October 7, 2015

IRS gives South Carolina flood victims tax relief

The IRS announced that taxpayers who live or have a business in the South Carolina counties that have been declared disaster areas will have extra time to file their returns and pay any taxes owed.

October 1, 2015

Accounting for software at federal agencies addressed in proposal

A recent proposal is designed to address challenges that federal government agencies have experienced in accounting for internal-use software.

October 1, 2015

What PCAOB inspectors are focusing on in 2015

Inspectors from the PCAOB have three general areas that they are examining closely in their inspections of registered auditors in 2015.

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